Cabral Gold Inc (TSX-V:CBR) has announced an updated mineral resource estimate for its Cuiú Cuiú project in Brazil, which showed a total Indicated resource of 21.6 million tonnes (Mt), grading 0.87 grams per tonne (g/t) gold (604,000 ounces), along with a total Inferred resource of 19.8 Mt grading 0.84 g/t gold (534,500 ounces).
The junior explorer said Cuiú Cuiú’s Indicated resource increased by 433,000 ounces, or 253%, from the previous estimate.
“The new resource estimate is a testament to the integrity of the Cuiú Cuiú mineralization, with more than 50% of the total gold ounces in the Indicated category,” Cabral Gold CEO Alan Carter said in a statement.
READ: Cabral Gold unveils positive results from drilling at MG deposit at Cuiu Cuiu asset
“The definition of the first near-surface heap-leachable oxide Mineral Resource (154,000. ounces Indicated and 79,000 ounces Inferred) could be a game changer for early low-cost development of a mine at Cuiú Cuiú, supported by our approved Trial Mining Licenses,” Carter added.
Cabral Gold noted that all of the deposits included in the current mineral resource estimate remain open along strike and down dip of the resource estimate wireframes.
It added that future drill programs will focus on step-out drilling aimed at increasing resources, while improving the grades, at Central and MG deposits, as well as maiden resources for the Machichie and PDM discoveries.
The company said the current update is the first resource estimate incorporating Cabral's drilling data since it began drilling at the Cuiú Cuiú project in 2019, with additional drilling at Central/Central North and MG deposits resulting in a significant upgrade of Inferred to Indicated resource.
Junior explorer Cabral Gold has a 100% interest in the Cuiú Cuiú gold district located in the Tapajós Region, within the state of Pará in northern Brazil.
The Tapajós Gold Province is the site of the largest gold rush in Brazil's history producing an estimated 30 to 50 million ounces of placer gold between 1978 and 1995.
Contact Sean at sean@proactiveinvestors.com